The annual study by Executive Compensation Advisory
Services (ECAS) of director compensation practices at 250
US companies found a 2% annual compensation hike to $57,028
during FY 2001 from $55,933.

According to the study, total compensation for directors
declined 1.8% to $130,542 from $132,932. That decline
reflects the heavy reliance on stock in director
compensation packages and the declining values of most
company stocks during FY 2001, ECAS said.

For the first time, the ratio of cash compensation
to stock in directors compensation programs showed an
increase in the cash proportion and a decline in
stock.

The most recent mix was 35% cash to 65% stock. The
stock proportion of director compensation has climbed
dramatically from 36% in 1996 to 54% in 2000 to 67% last
year, ECAS reported.

Annual compensation includes cash retainers and
meeting fees as well as stock grants that vest in one
year or less. Total compensation includes annual
compensation as well as all forms of stock
compensation.